Hi neighbor,
Today I will be sharing with you our perspective on the local real estate market here in Spring, Texas, specifically a market update for the neighborhood of Memorial Northwest. Whether you are looking to buy, sell, or just keep an eye on the market, we look forward to being your resource.
What is happening in the real estate market in Memorial Northwest?
We currently have 10 homes pending, with 2 homes sold in the last two weeks, averaging a sale price of $113 a square foot. Two homes sold over the asking price.
Compared to the two weeks prior: Homes sold are slightly down from 4 sold, but the average sales price per square foot is up to $113 ($112 previously). Every home is different, with different features, so don’t forget to ask us for your annual equity review if you are curious about your personal home. You can request your free home evaluation here or email us here.
If we look at how fast the move-in-ready (modern) homes are going (must not be overpriced), the demand in this area has not surpassed the supply, making it still a great time to sell. Buyer agents around Houston are seeing a slow in the real estate market, but it isn’t affecting every neighborhood. I know the interest rates rising has been one deterrent from some buyers purchasing right now, but that isn’t your ideal buyer anyways!
The most desirable homes in the area are still selling the first weekend or first week they hit the market (a really good coming soon campaign, like we do at Jo & Co. allows you to sell faster, for more money).
Check out the graphic below for a larger overview of the real estate market for the last two weeks in Memorial Northwest.
Insight From Jo
I hope you had a wonderful Thanksgiving and are feeling the joy of the season as we wrap up 2024 and look ahead to an exciting new year. As always, I’m here to keep you informed about what’s happening in the Texas real estate market—and there’s a lot to be optimistic about!
New Construction: The Best Deal of the Season 🏡
If you’ve been waiting for the perfect moment to jump into the market, now might just be your time. New construction homes continue to offer some of the best deals this winter. Builders are highly motivated to sell their current inventory before the year ends, and that motivation works in your favor. Many lenders are sweetening the deal with fantastic incentives, including interest rate buydowns they’ll pay for, making monthly payments more manageable.
Interest Rates: Creative Solutions for Buyers 💡
While interest rates remain in the high 5s and low 6s, don’t let that discourage you! Buydown programs can significantly reduce your rate for the first few years, easing the financial impact of purchasing a home. Plus, with builders and lenders eager to close deals, this is a unique opportunity to snag a home at a great price with some extra perks.
Looking Ahead to 2025: Positive Change on the Horizon 🌟
As we move into 2025, there’s growing optimism about the real estate market. Updates in the political landscape are expected to bring about changes that could benefit buyers and sellers alike. While we can’t predict every twist and turn, the general outlook suggests more stability and opportunities for those entering the market.
If buying or selling a home is part of your 2025 goals, this is the perfect time to start planning. Whether it’s a cozy starter home, an upgrade for a growing family, or an investment property, I’m here to guide you every step of the way.
Here’s to a joyful end to 2024 and a bright start to 2025! As always, reach out with any questions or if you’d like to explore your options and opportunities.
What is happening in the real estate market nationally?
Mortgage rates trended lower last week. Home price appreciation had different results in September, depending on the index. New home sales dropped. Both mortgage application submissions and continuing jobless claims rose while initial jobless claims fell. Core inflation was in line with expectations while income increased and consumer spending decreased. Pending home sales dipped.
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- Pending home sales rise 2% monthly. Watch Now >>
- Logan Mohtashami on existing home sales and housing demand. Listen Now >>
- Mortgage rates fall for the first time in two months. Buyers are rushing back. Read Now >>
Market Recap
- The FHFA house price index climbed 0.7% month-over-month in September, despite predictions for a 0.3% decrease. Annually, the index was unchanged at 4.4%.
- The 20-city Case-Shiller home price index decreased 0.2% month-over-month in September. Annually, the index was 4.6% lower than September of last year.
- New home sales were at a seasonally adjusted annual rate of 610,000 in October, which was a -17.3% drop from the month prior.
- Mortgage application submissions increased 6.3% during the week ending 11/22. The Refinance Index decreased 3% from the previous week and was 119% higher than the same week one year ago. The seasonally adjusted Purchase Index increased 12% from one week earlier.
- Continuing jobless claims rose upwards by 9,000, to a level of 1,907,000 for the week ending 11/16. This fell below the expected increase of 12,000. Initial jobless claims slightly declined by 2,000, to a level of 213,000 for the week ending 11/23, contrasting with the expected forecast that levels would remain unchanged.
- The core PCE price index came in right as expected in October, at 0.3% month-over-month. The annual level increased, meeting expectations at 2.8%. Personal income rose above expectations at 0.6% while personal spending dipped 0.4%, in line with expectations.
- Pending home sales dropped 2.0% month-over-month in October. This still exceeded expectations, originally predicted to fall -2.1%
Review of Last Week
BLACK FRIDAY BOOST… The week ended with stock prices heading up while retail prices headed down. The Dow and S&P 500 finished November at record highs, capping off their best monthly performances in a year.
The holiday-shortened week offered a variety of economic news. We got PCE prices rising at a 2.3% annual rate overall, 2.8% excluding volatile food and energy—still above the Fed’s 2% target.
But durable goods orders bounced back a tick in October after dropping three of the past four months. Plus, Preliminary Q3 GDP had the economy growing at a modest 2.8%, and initial jobless claims fell, though continuing claims rose.
The week ended with the Dow UP 1.4%, to 44,911; the S&P 500 UP 1.1%, to 6,032; and the Nasdaq UP 1.1%, to 19,218.
Bonds booked strong performances overall, though the 30-Year UMBS 5.5% slipped 0.12, to $98.18. Freddie Mac's Primary Mortgage Market Survey reported the national average 30-year fixed mortgage rate went down a tad. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… Serious homebuyers are showing up. The Mortgage Bankers Association reports that last week the seasonally adjusted index of purchase mortgage applications shot up 12% from the week before.
Market Forecast
CONSTRUCTION SPENDING, MORTGAGE APPLICATIONS, CONSUMER SENTIMENT, JOBS… October Construction Spending is predicted to increase overall, but our interest will be the residential part. We'll also keep an eye on the MBA Mortgage Applications Index to look for more buyer activity. Analysts expect the University of Michigan Consumer Sentiment-Preliminary read to move up in December. November should post considerably more new Nonfarm Payrolls than October, though the Unemployment Rate is forecast to move up.
Summary
Pending Home Sales (signed contracts on existing homes) rose in October for the third straight month and are more than 5% up from last year. The National Association of Realtors noted, “Homebuying momentum is building.”
October New Home Sales didn’t fare so well, down over 17%, as two hurricanes delayed sales in the south. But good news for buyers, the median new home sales price is down 5% and completions are up over 265% versus 2022.
Case-Shiller home prices booked their sixth straight month of slowing annual price gains. Home price growth also slowed in the FHFA index, continuing a trend that began in the fourth quarter last year.
Can we sell yours?
So if you are in need of a listing agent, we would love the opportunity to see your home and meet you of course. My husband, Edward, and I, look forward to being the brokerage and team for you! You can reach out to us via email: [email protected] & [email protected] or telephone: 832-493-6685.
Read more:
If you are curious ‘How to get more money for your home when listing it for sale', check out this blog post.
I hope you have found this blog post super helpful. If there is anything else we can do for you, including helping you sell (or buy) a home, I would be honored to assist. I hope you have a great day/evening. Cheers, E + J.
We are so happy you found our little corner of the interwebs. We look forward to y'all reaching out to us. We love to answer questions and welcome them. Recently we created some local maps, and you can download those by clicking the image/link above. Below, you will find an index of some very helpful information to assist you in learning more about the Houston suburbs. If you are relocating to our neck of the woods, we hope you reach out to us, because we would love to help you by being your local realtor and friend. Thoughtfully written for you. Hugs, Jo.
We are Waiting for You
If you are looking to relocate to the Houston Area, we would love to meet you, and hear your story. Below you will find all of my contact information, as well as some homes for sale in the area. We truly look forward to hearing from you! P.S. Don't forget to check out our YouTube Channel!
If you are overwhelmed..
Now if you are feeling overwhelmed on where you should plant your roots, I would love to talk to you. You can schedule a call with me by click this link: http://byjoandco.com/call or just send us an email: [email protected]. There are some amazing communities all over the Houston suburbs. In this post, https://search.byjoandco.com/blog/best-neighborhoods-in-houston/, I deep dive into all the different suburbs/neighborhoods that you might want to consider, and why. There are many resources here, so please reach out if you are curious what to look at next! Thank you for trusting us.
What next?!
• Navigate our Blog: https://byjoandco.com/categories-to-help-you-navigate-the-blog/
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